Option To Buy Note

I have an opportunity where the 2nd and/or 3rd will sell their notes to me. They are high interest rate (12 and 15%) and quite well collateralized, but the key piece of the pie is what does the 1st want to do.



So, rather than "blindly" buying a 12% and 15% note, I was thinking of getting an option for them. That way if I can work a deal w/ the 1st I might not need them, but would have the option to get them.



Has anyone done anything like this. None of the boiler plate option agreements seem to fit.

Comments(1)

  • whitebb29th August, 2007

    Is this home in foreclosure, or in arrears? What do you mean by what does the 1st want to do? It it owned by a bank?
    I have seen a bunch of private lenders lose out on 2nd mortgages. A option to buy seems interesting with a minimal cash outlay.
    In essence, we need more information.

Add Comment

Login To Comment